Cybercrime Group Steals $1.3M from Banks

Ganesh The Awesome Senior Pre & Post-Sales Engineer at GlobalDots

27th April, 2020 1 Min read

A cybercriminal group dubbed the Florentine Banker Group launched advanced business email compromise (BEC) attacks on leading Israeli and UK financial firms, stealing $1.3 million dollars in just four separate transactions.

Unlike a basic BEC where an attacker sends one or two emails posing as an executive in the victim organization, the Florentine Banker Group stole email credentials and lurked for two months before diverting important wire transfers worth millions of dollars, a new report by Check Point Research shows.

According to Check Point, only $600,000 was recovered via some emergency intervention immediately after the attack.

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